PZ Declares N1.22bn PAT in Q2 2019 Results (SP:N11.00k)

Implications: We expect a neutral reaction by the market. Indeed, we believe Q2 results should
already be priced in, following the Q2 trading update provided by parent
company a few weeks ago.Q2 sales of N19.2bn
fell -14% y/y and -21%
q/q. As expected, weak market conditions continue to
weigh on topline performance. Additionally, a 608bps gross
margin contraction y/y weighed on profits during the
quarter.